What You Should Know About
Authentication in the Electronic Banking Environment
Multi-factor authentication and layered security are helping assure safe internet transactions for banks and their customers.
With the realization that internet fraudsters have become increasingly sophisticated, making "single factor authentication" - a simple password, for example - inadequate for online financial transactions. We are committed to working with our internet service to produce the safest operating environment possible for our customers.
After a secure connection has been established between your browser and our server, you then provide a valid User Code to gain access to our services. Once the User Code has been accepted, you should see the image that was assigned to you and the pass phrase you entered when you initially registered for online banking. Both the image and your pass phrase should be visible. If both are not present, please contact Nebraska State Bank & Trust Company immediately.
It is important to protect your User Code and Password from others. Per our user agreement, you must follow the Security Code parameters we specified at the time you signed up for Internet Banking. We also recommend changing your Password often. Session time-outs and a limit on the number of logon attempts are other examples of security measures that are in place to protect your accounts.
Understanding the factors
Today’s authentication methods – used to confirm that it is you and not someone who has stolen your identity – involve one or more basic “factors”:
- Something the user knows (e.g., password, PIN).
- Something the user has (e.g., ATM card, smart card or similar items).
- Something the user is (e.g., biometric characteristic, such as a fingerprint).
Single-factor authentication uses one of these methods; multi-factor authentication uses more than one, and thus is considered to be a more reliable and stronger fraud deterrent. When you use your ATM, you are using multi-factor authentication: Factor number one is something you have, your ATM card; factor number two is something you know, your PIN.
Your bank’s goal is to ensure that the level of authentication used in a particular transaction is appropriate to the level of risk in that application. Accordingly, your bank has concluded a comprehensive risk-assessment of its current methods following stringent federal regulatory guidelines and will be implementing the appropriate authentication measures to keep your online transactions safe and secure.
In addition to single and multi-factor authentication, your bank may also rely on several layers of control to assure your Internet safety. These layers might include:
- Additional controls, such as call-back (voice) verification, e-mail approval, or cell phone-based identification.
- Employing customer verification procedures, especially when opening accounts online.
- Analyzing banking transactions to identify suspicious patterns.
- Establishing dollar limits that require manual intervention to exceed a preset limit.
Importantly, the methods used will be those needed to assure your safety and security when conducting online financial business. It’s one of your bank’s top priorities!
CUSTOMER AWARENESS: THE FIRST LINE OF DEFENSE
Of course, understanding the risks and knowing how fraudsters might trick you is a critical step in protecting yourself online. Here are some threats to watch for:
Phishing – Lures you to a fake website (one that looks like a trusted financial institution, for example) and tricks you into providing personal information, such as account numbers and passwords.
Pharming – Similar to phishing, pharming seeks to obtain personal information by directing you to a copycat website where your information is stolen, usually from a legitimate looking form.
Malware – Short for malicious software, often included in spam e-mails, this can take control of your computer without your knowledge and forward to fraudsters your personal information such as IDs, passwords, account numbers and PINs.
You can make your computer safer by installing and updating regularly your:
- Anti-virus software
- Anti-malware programs
- Firewalls on your computer
- Operating system patches and updates
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